The Financial Statement That Presents a Summary of the Revenues

question 69

Multiple Choice

The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time,such as a month or year,is called a(n)

• A)prior period statement.
• B)statement of retained earnings.
• C)income statement.
• D)balance sheet.

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Definitions:

Specification Limits

The range of permissible or acceptable values set based on customer requirements or industry standards that products or processes should meet.

PDCA

A continuous improvement model that involves four stages.

Continuous Improvement

A persistent attempt to better products, services, or processes by making both minor and major improvements.

TQM

Total Quality Management; a comprehensive approach focused on continuous improvement in all aspects of an organization through quality control, customer focus, and employee involvement.